For a business owner, obtaining the right information is as important as finding the right location, or getting the best price.
The Small Business Development Center in New York is one of only a few SBDCs in the U.S. with a full-time library (which we call the Research Network). Its services are available for free, but only to New York SBDC clients.

Thursday, November 30, 2017

Brick-and-mortar retailers often gripe that they are at a competitive disadvantage against online retailers because of their relative inability to map a more complete view of their customers are and their traffic, browsing and purchasing behavior.

As malls, department stores and other retailers struggle to drive traffic, some players are considering sharing data.

Mall developer Westfield, the owner of 35 shopping centers, is seeking to persuade retailers, brands and even competing malls to share data such as what consumers have just bought to allow partners/rivals to better target potential customers for related sales.

Doris Ulysse

The story of Doris Ulysse is testimony to the grit and talent of a determined African American woman entrepreneur. Doris specializes in network design and administration. She is particularly adept at configuring and integrating hardware and software for a full spectrum of client types. She first consulted the Brooklyn SBDC after years of working as an IT professional to “test the waters” of entrepreneurship.

Advisor Janet Page expertly guided her through the business planning process and MWBE certification protocol. Doris became an MWBE subcontractor through the NYC Office of General Services and a contractor for the NYC Housing Authority. She learned that having certifications had little to do with getting contracts as a Prime or sub-contractor. After two years of frustration with lack of access to government contracts, Doris returned to the SBDC.

Advisor Sanford Gerber, a 35-year veteran of the SBA 8A program, showed her how to use the 8A system as it is intended. At Sanford’s suggestion, Doris re-focused her attention on the 8a certification process. He helped Doris obtain a $5,000 line of credit to demonstrate financial capacity. Then he showed her how to research the federal database to find prime contractors looking for partners, and how to find other successful 8a firms with which to network. Doris gives both Janet Page and Sanford Gerber credit for being as passionate about her business as she is. Doris’ next steps are to get an even larger line of credit, finish the NYC Mentorship Program, enter the SBA Mentor-Protégée program, and win multiple federal contracts. She just obtained certification in Hospitality Management from Cornell School of Hotel Administration.

Tuesday, November 28, 2017

In August, the U.S. Small Business Administration found that self-employment is ticking upward, but hasn't yet reached the heights it reached before the 2008 financial crash. Now, using census data, the office estimates that just over 15 million Americans are self employed. The SBA also reported that in 2013 there were 28.8 million small businesses — that is, a business, or firm, that employs less than 500 employees.3 Which might explain why the U.S. Census Bureau found that small businesses employed 56.8 million people, about 48 percent of the private industries. The new face of a small business is the perpetual freelancer, which means we have to start considering what this means when this entire generation retires — or, more likely, can't afford to. We already worry about how we'll provide for the population as more and more people live longer but are unable to work. If there's a place for mid-level earners on the internet, does that carved-out space include retirement, cheaper preventative health care, assisted living facilities that aren't garbage, and basically anything you'll need when you're not young, healthy and beautiful?

Monday, November 27, 2017

Remember those mobile phone carrier commercials that used colored balls to represent the four big carriers? It was red for Verizon, blue for AT&T, yellow for Sprint, and pink for T-Mobile.

Consumers didn't need explanations about which color represented which brand, because we made the associations automatically. That goes to show the power of color when defining your brand.

Vistaprint worked with Dr. Sally Augustin of Design With Science to analyze color popularity among the print company's customers, define the feelings those colors elicit, and explore which colors are popular in which industries. That information was summarized into a graphic.

Should you choose a color that your competitors use, or should your brand stand out? That's a decision you'll need to make, and the tips in the graphic might help you out.

Friday, November 24, 2017

Many long-time small business owners would agree with the line from the 1970s song by the band Faces: “I wish that I knew what I know now.” Over years of running a small business, owners inevitably gather many lessons about how to grow and run a business more effectively. Thankfully, many of these owners are more than happy to share their insights.

Here are seven tips from several successful small business owners that are worth paying attention to:
1. Build a Support Network For Laura Kelly, being a business owner can be an isolating experience at times. “Especially if you’re a solo business owner, you can lose touch with other business owners,” says Kelly, who 15 years ago started The Handwork Studio, a Narberth, Pennsylvania-based company that runs needlework camps and classes for kids in 10 states along the East Coast.

Thursday, November 23, 2017

After reaching its historical peak at 67.1 percent in 2000, the labor force participation rate for all workers (age 16 and over) is projected to decline to 61.0 percent in 2026.

The decline in the rate is largely the result of the aging population, as more and more workers move into higher age groups that tend to have lower participation rates. The overall labor force participation rate has been declining since 2000, dropping sharply following the 2007–09 recession and reaching 62.8 percent in 2016.

The continued shift of the population into older age groups will have long-lasting effects on the labor force and the overall labor force participation rate. In 1996, the entire baby-boom generation was in the 25-to-54-year-old group, with a labor force participation rate of 83.8 percent. In 2001, the first of the baby boomers moved into the 55-and-older age group.

Although the 25-to-54-year-old group shows the strongest attachment to the labor market, its participation rate has been gradually declining since 2000 and is expected to change little over the coming decade. The participation rates of both 16-to-19-year-olds and 20-to-24-year-olds have decreased sharply over the past several decades. Their rates are expected to decline further, although at a slower rate.

Wednesday, November 22, 2017

Working in a pleasant environment helps people feel positive and motivated. If employees enjoy their time at work, they will be less likely to take long breaks or go on sick leave. The benefits for business owners include increased productivity and reduced staff turnover, leading to lower recruitment and training costs. Here are some ways to create a pleasant work environment for your employees.

The problem: You worry that members of your sales team are not following the right messaging guidelines in their cold outreach to prospects.

The solution: You can give them templates to one-click insert.

Giving cold-email templates to your sales team guarantees two things: (1) You can rest easy knowing they're using the right positioning; and (2) Sending emails with proven copywriting techniques will increase their open and reply rates.

Remember: cold emails aren't about the sale; they're about initiating conversation and getting the ball rolling.

Tuesday, November 21, 2017

Despite the struggles of brick-and-mortar- retail, the purchase of physical gift cards has grown for three consecutive years, according to new survey data. Digital gift card purchases also has risen sharply this year.

Consumers spent an average of $38 more than the value on their gift card this year—up $10 over 2016. And 44% of respondents said having a card caused them to go to a store they would not have visited otherwise.

Growth of the private-label market in recent years has been driven by demand from lower-income shoppers as well as budget-conscious millennials. But these products are attracting wealthier consumers, creating yet another challenge for national brands.

According to an IRI survey released last week, over half (52%) of consumers with household income of more than $100,000 said they expect to buy more private-label products over the next six months. For those earning $55,000 to $99,000, 62% planned to do the same.

Those percentages are still smaller than the responses among consumers making less than $35,000 and millennials in general (76% and 74%, respectively). However, the private-label buying plans among the more affluent were higher compared with previous findings, according to IRI.

Monday, November 20, 2017

Access to credit can be difficult to come by and expensive for small businesses. Small business credit cards can be flexible, invaluable tools for business owners facing short-term cash crunches. Interest rates can be lower than they are for other convenient sources of credit, such as advances against accounts receivable or credit card receipts and unsecured loans available from small business lenders on the Internet. Thanks to credit card incentive and rewards programs, it may make sense for business owners to route as much of their normal expenses as possible through their business credit card.

If you spend a significant amount on business expenses each month, you should consider applying for a business credit card. However, it’s important to understand the benefits and drawbacks of business credit cards as well as the wide array of offerings on the market.Business credit cards provide business owners and entrepreneurs instant and convenient capital they can use for any business need.

There are lots of different business types and business owners, and they may not always resemble a traditional view of a business. You don’t need to have a storefront or warehouse or any major facilities or hard assets to be issued a business credit card. If you have good personal and business credit and otherwise meet the issuer’s criteria, you can get a business credit card issued in any industry. So don’t be discouraged if you’re self-employed or you fall into one of a non-traditional business categories.

Recent studies from key players in the world of ad tech tell quite different stories of how video ads seem to be performing, based on completion rates, viewability rates, clickthroughs and more.

Although the body of research on video ad metrics is still limited, the noisiness in the data is remarkable given how concrete some of these metrics are. Nevertheless, those who have followed the industry understand that many complicating factors are at play.

One such factor is that each company measures activity on its own platform, which is only a small sample of the broader universe.

Friday, November 17, 2017

The Department of Environmental Conservation recently launched the New York Green Business program and is accepting applications for it through Friday, December 15th. NYGB is a free and voluntary program that provides recognition and benefits to businesses that have a strong commitment to sustainability.

Businesses that join the program receive recognition from the State, are able to use the program logo to market themselves as a sustainability leader, get priority access to technical assistance from the Pollution Prevention Institute, and access to a network of sustainability leaders. While all businesses can join the program, it does have a separate application and criteria for breweries, garment cleaners, and restaurants to address their unique environmental impacts.

Thursday, November 16, 2017

A Japanese company is granting non-smoking employees an extra six days of paid holidays a year after they complained that they were working more than staff who took time off for cigarette breaks.

Tokyo-based marketing firm Piala Inc. only introduced the non-smokers' perk in September, but employees have been quick to take advantage.

"One of our non-smoking staff put a message in the company suggestion box earlier in the year saying that smoking breaks were causing problems", said Hirotaka Matsushima, a spokesman for the company.

"Our CEO saw the comment and agreed, so we are giving non-smokers some extra time off to compensate", Mr Matsushma told The Telegraph.

Resentment among the non-smokers grew because the company's head office is on the 29th floor of an office block in the Ebisu district of Tokyo. Anyone wanting a cigarette had to go to the basement level, with each smoking break lasting around 15 minutes.

Wednesday, November 15, 2017

Facebook Community Boost is a new program to help US small businesses grow and to equip more people with the digital skills they need to compete in the new economy.

Facebook Community Boost will visit 30 US cities in 2018, including Houston, St. Louis, Albuquerque, Des Moines and Greenville, SC. Facebook will work with local organizations to provide digital skills and training for people in need of work, to advise entrepreneurs how to get started and to help existing local businesses and nonprofits get the most out of the internet.

According to new research by Morning Consult in partnership with the US Chamber of Commerce Technology Engagement Center and Facebook, small businesses’ use of digital translates into new jobs and opportunities for communities across the country. Small businesses provide opportunities for millions of people (they create an estimated four out of every five new jobs in the US), offer useful products and services, and often provide a place for people to come together.

Tuesday, November 14, 2017

Social media, which too often can be an abyss harboring harassment and hate, has become a place for women to connect to fight sexual harassment and assault.

The most prominent example is the #MeToo campaign, which encourages women to share their stories on Twitter and Facebook and other social media platforms.

Their voices are coming from everywhere. And they’re resonating.

A recent survey showed that more than 50 percent of women have experienced some form of sexual harassment in the workplace. High-profile men in media, fashion, food, and politics have been accused of harassment since the [Harvey] Weinstein scandal broke.

Monday, November 13, 2017

When it comes to employee benefits administration, business owners typically think of health insurance but often neglect to consider their 401(k) plans. Since retirement plans don’t have to be renewed every year like some other benefit packages, it’s easy for 401(k)s and other retirement and investment vehicles to get overlooked. That’s about to change, thanks to updates to the Department of Labor’s Fiduciary Rule, which is expected to have a huge impact on the costs associated with managing these plans, particularly for small businesses.
Historically, there’s been a distinct difference between how the two groups of financial advisers who work with investment and retirement plans are regulated. In short, the Fiduciary Rule essentially defines who is classified as a fiduciary and who is not.Registered financial advisors (or RIAs) have completed the necessary testing requirements to register with the SEC and any applicable state agencies.They’ve always been under the Fiduciary Rule, which means that they’re required by law to only give recommendations based on what’s truly best for their clients’ situations.Broker-dealers haven’t been covered by the stringent Fiduciary Rule but are required to provide what’s considered to be "suitable" recommendations. RIAs are typically compensated based on the percentage of assets that they manage while broker-dealers are paid based on transaction commissions.Given the lower amount of regulatory compliance associated with broker-dealers, they tend to be a lower-cost option.

Saturday, November 11, 2017

by Patrick J. MacKrell is CEO of New York Business Development Corporation (NYBDC)

For many years, veterans of the U.S. Armed Forces were successful at starting and growing small businesses. In fact, almost 50 percent of veterans owned a business after World War II.

But today, veteran entrepreneurship is on the decline. The most recent Kauffman Foundation research found that veterans accounted for 12.6 percent of new entrepreneurs in 1996 and that by 2014, this number had fallen to just 5.6 percent.

At NYBDC, we want to turn those numbers around by inspiring veterans to take the leap into a life of entrepreneurship, and sharing some information to help you get started. As a veteran of the U.S. Marine Corps, I have seen firsthand the driven young men and women who have served in our military. The honorable completion of an active-duty period of military service or ongoing participation in the National Guard or Reserve generally tends to “imprint” veterans with certain skills and experiences that are critical to success.

Friday, November 10, 2017

November 11th marks Veterans Day 2017, where we salute veterans that have served the United States. Post-service, many veterans move on to become successful entrepreneurs with the United States Census Bureau reporting that veteran-owned firms make up 7.2 percent of the nation’s 5.5 million employer businesses.
For veterans that want to explore the entrepreneurial landscape, but aren’t sure where to turn to first for support or assistance, we’ve done the legwork on finding some of the best resources available that cover everything from mentorship to angel investments for making small business dreams a reality.

Thursday, November 09, 2017

Regular followers of this space know that I’m firmly committed to the proposition that as a small business owner you need to grow if you are serious about growing your small business. That’s why I recommended attending at least one of the best small business conferences each year.

To make this a little easier for you, I’ve compiled a list of the 50 best tech, startup and small business conferences 2017 – 2018 has to offer. Do a little exploring (I’ve provided the links) and you’ll find:

Great marketing conferences,

Top tech topics,

Business networking opportunities,

Cutting edge online strategies,

Social media marketing conferences,

And much more.

Further, it’s likely you can find a small business conference that’s not too far away from your home turf and at a time that’s convenient for you to attend. And don’t forget about your team. Sending your employees to one of the best 2017-2018 small business conferences not only brings new skills and knowledge into your business, it’s a tangible way to demonstrate your support and one of the best ways to build loyalty.

In some cases, organizers hadn’t yet confirmed the exact dates of their events. Check their websites for more details. Also – with a couple of exceptions – these top 2017-2018 small business conferences are in the United States. There are some fantastic business and tech conferences around the world, and especially in Europe, if foreign travel would work into your plans.

Wednesday, November 08, 2017

A string of recent data suggests that online retail is going to eat into brick-and-mortar sales faster than ever this holiday season.

The latest evidence: An October survey of nearly 7,350 consumers conducted by Prosper Insights & Analytics for the National Retail Federation further found that, for the first time in the survey’s history, online topped all brick-and-mortar destinations as the channel where most consumers said they plan to buy holiday items. In percentage terms, nearly 59% of consumers said they plan to do their holiday shopping online this year, up from 56.5% last year.

Adobe predicted that online holiday season sales will rise 13.8% this year to top $100 billion for the first time.

According to the report, online sales will grow to $107.4 billion from $94.4 billion in 2016. That's a projected growth rate of 13.8%—a bit slower than in 2016, when the gain was 14.4%, and well off 2015's 17.7% pace.

Tuesday, November 07, 2017

Are you a small business owner with an amazing success story to tell? If so, submit your nomination today for the 2018 National Small Business Week Awards. All nominations must be mailed or hand-delivered to the nearest SBA Office no later than 3:00 p.m. ET on January 9, 2018. Consult the Awards Guidelines for details.

Awards Guidelines
Consult the Awards Guidelines for a list of National Small Business Week Awards, eligibility criteria, selection process, evaluation criteria and how to submit a nomination package.

Nomination Forms
All nominees are required to complete SBA Background Form 3300.

National Small Business Week award nomination forms include:

Small Business Person of the Year Award
Small Business Exporter of the Year
Phoenix Award for Small Business Disaster Recovery
Phoenix Award for Outstanding Contributions to Disaster Recovery - Public Official
Phoenix Award for Outstanding Contributions to Disaster Recovery - Volunteer
Federal Procurement Award - Small Business Prime Contractor of the Year Award
Federal Procurement Award - Small Business Subcontractor of the Year Award
Federal Procurement Award - Dwight D. Eisenhower Award for Excellence
8(a) Graduate of the Year Award
Small Business Development Center Excellence and Innovation Award
Veterans Business Outreach Center Excellence in Service Award
Women's Business Center of the Year Excellence Award
Jody C. Raskind Lender of the Year
Small Business Investment Company of the Year

Frequently Asked Questions
Do you have questions about the National Small Business Week Awards? Consult the FAQs.

Friday, November 03, 2017

According to job site Glassdoor, the annual median base pay in the United States grew 1.6 percent year over year (YOY) in October 2017 to $51,220. The Glassdoor Local Pay Reports show pay growth ticked up slightly from a revised 1.4 percent growth last month. Pay growth peaked in January 2017 at a revised 3.5 percent.

The Glassdoor Local Pay Reports provide a unique monthly view into the country's wage picture with salary estimates for nearly 85 job titles and year-over-year pay growth trends in the United States. The reports include details on 10 major metros: Atlanta, Boston, Chicago, Houston, Los Angeles, New York City, Philadelphia, San Francisco, Seattle and Washington, D.C.1

"U.S. wage growth is steady but slow. We've seen incremental increases over the past few months after a slight decline of U.S. median pay over the summer months. While we are still well below the 3.5 percent pay growth rate of January, I am encouraged by the slight salary increases recorded since August and anticipate growth to continue to accelerate through the end of the year," said Dr. Andrew Chamberlain, chief economist of Glassdoor.

Thursday, November 02, 2017

Being a small-business owner isn't easy, but an overwhelming majority of entrepreneurs wouldn’t have it any other way. While small-business owners cite “having to wear so many hats” and “finding new customers” as their biggest concerns, according to the below infographic courtesy of online marketing company Constant Contact, a whopping 84 percent said that, if given the opportunity, they would start up all over again. The “ability to pursue their passion” and the freedom that an entrepreneurial lifestyle allows are their biggest motivators, they said.

That’s a good thing, because small business continues to contribute to the global economy in huge ways. Roughly half of all U.S. jobs are provided by companies of less than 500 employees, and 54 percent of U.S. sales happen at small businesses. Additionally, small businesses donate 250 percent more than larger corporations to nonprofits and other charities.

Wednesday, November 01, 2017

Marketing departments may not realize the seismic impact a new regulation will have on their plans for 2018. And if they don't begin planning today, CMOs may discover that after May 25, 2018, their teams will not be able to execute campaigns and activities in the way they used to—at least not without facing the risk of legal action against their companies resulting in dramatic penalties and brand damage.

The specter of the General Data Protection Regulation (GDPR) has loomed large since it was adopted last year by European Union (EU). When it goes into effect next year, this new regulation promises to radically change every phase of consumer data management within the EU—and worldwide.

And just because your company or its servers are not in the EU doesn't mean you'll be able to get around the issue.

A change of this magnitude requires a dedicated and serious response from any organization that either does business within the EU itself or has a customer base or employees that include European residents.

Yet, confusion regarding GDPR is pervasive, and many companies don't fully appreciate the scope of its impact.

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About the blog:

The Research Network aims the content of this blog primarily at the New York Small Business Development Center (NY SBDC) community on the kinds of things we encounter every day. Views expressed are those of the Research Network staff, and not necessarily those of the New York SBDC or its partners. Comments to an individual post are encouraged. Such comments will be monitored, so please, keep them clean and professional.

Definition of a small business by the US federal government

Definition of a small business in the state of New York

Consolidated Law for the State of New YorkEconomic Development Law § 131§ 131. Definition of a small business. For the purposes of this chapter, a small business shall be deemed to be one which is resident in this state, independently owned and operated, not dominant in its field and employs one hundred or less persons.

World Reference

The NYS SBDC, administered by the State University of New York, is funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.